‘Industry 4.0’ to reduce expenditure on healthcare: Modi

New Delhi, Oct 11 (IANS) Prime Minister Narendra Modi on Thursday said that "Industry 4.0" and the expansion of artificial intelligence would lead to better healthcare and reduce expenditure on health.

Addressing an event to mark launch of the Centre for the Fourth Industrial Revolution, Modi said the components of "Industry 4.0" have the ability to transform the present and future of human life.

"The launch of this centre, the fourth in the world after San Francisco, Tokyo and Beijing, opens the door to immense possibilities. Emerging fields, including artificial intelligence, machine learning, internet of things, blockchain, and big data, can take India to new heights of development, improving the quality of life of its citizens," Modi said.

A national strategy for creating a robust infrastructure for research in artificial intelligence has been prepared a few months ago, he said, adding the new Centre will strengthen this process.

The Prime Minister said that "Industry 4.0" was not just an industrial transformation, but a social transformation for India and it has the strength to drive irreversible positive change. "It will also help bring the required speed and scale to work being done in India."

He said it would also help farmers, and be of immense help in the agriculture sector.

Modi also mentioned areas such as transportation and smart mobility where "Industry 4.0" could play a key role.

Counting achievements of his government, the Prime Minister said tele-density has increased to 93 per cent and nearly 50 crore Indians now have mobile phones.

India is the largest mobile data consuming country in the world and also the one with the cheapest data rates, he said, adding mobile data consumption has increased 30 times in four years.

The Prime Minister expressed confidence that India would be able to take advantage of the fourth Industrial Revolution and government initiatives including Skill India Mission, Start Up India, and Atal Innovation Mission were preparing the youth for new and emerging technologies.